Bitcoin price LIVE: $8k BTC down as institutional trader labels crypto a 'freak show'
BITCOIN is keeping its neck above water at $8k while discussion over the potential arrival of institutional money gathers pace. However one leading market strategist has warned that the big City and Wall Street players still view the space as "a freak show".
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Bitcoin is priced at $8,021, a fall of just $20 on the day so far.
As part of a closer examination of the much-hyped arrival of bit City money into the cryptocurrency space Mike Ingram, chief market strategist at WHIreland told Express.co.uk that the two markets are further away than many in the crypto community claim.
Mr Ingram says that only a few months ago "City bars were abuzz with talk of Bitcoin and similar ‘cryptos’". However, today it's hardly spoken of, "mirroring the crypto crash itself".
Last week Ari Paul, chief investment officer at cryptocurrency hedge fund BlockTower Capital, told CNBC that pensions and large funds are looking across at crypto with interest. The CIO says that funds will add crypto-assets to their portfolios — sooner rather than later.
However, Mr Ingram paints a different picture.
He said: "Even when it was ‘hot’ however, these privately-issued digital currencies were viewed as a freak show by institutional traders and investors alike.
"Serious traders merely saw it as a wildly volatile instrument that threw up opportunities in an otherwise dull market. Indeed investment banks’ and exchanges’ enthusiasm for ‘cryptos’ was only ever about their ability to trade them profitably rather than an endorsement of their value.
"Most institutional investors recognised that this same volatility precluded their inclusion in client portfolios. Moreover, the ‘cryptos’ themselves defy any sensible attempt at fundamental valuation.
"In the absence of such, they are just a ‘punt’."
Updates below throughout the day....
11.18am - UPDATE - BTC hoping for big BOOST after tax day
Spencer Bogart, partner at Blockchain Capital, told CNBC: "Tax-selling has been a significant factor in downward crypto prices over the past few weeks. I would expect this downward pressure to abate after tax day."
10.07am - UPDATE - IMF
Head of the International Monetary Fund Christine Lagarde has said that the rapid advance of bitcoin and other digital currencies could make the global financial system safer despite the prospect of “inevitable” accidents waiting to happen.
Writing in an online blog, Ms Lagarde, "examines the promise they offer," and champions the move towards "fast and inexpensive financial transactions" and the "diversification of the financial landscape" bringing in "a better balance between centralized and de-centralized service providers".
8.37am - UPDATE - BTC fights back
Bitcoin has fought back to $8,126, as Ripple rises to $0.67 and Ethereum hits $513.